You Are Given the Following Statistics About the Economy

question 67

Short Answer

You are given the following statistics about the economy:
Employed: 228 million
Unemployed: 19 million
Answer the following questions to one decimal point:
a.What is the unemployment rate?
b.What is the labor force?

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Definitions:

Average Product

The output per unit of input, such as the average amount of goods produced per labor hour.

Total Product

The total output of goods or services produced by a firm in a given period of time.

Marginal Product

The additional output resulting from using one more unit of a particular input, holding all other inputs constant.

Unit of Labor

A measure of labor input, often referred to as one hour of work by an employee or worker.